The market is likely to witness sideway movement on the back of strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight marginal gains in the US indices and weakness in Asian markets in the morning trades may further dampen investors' sentiment. On the technical side, the Nifty has a stiff resistance at 4935 and a downside cap at 4835 while the Sensex could test higher levels of 16500 and has a likely support at 16200.
Among the major corporates, Tata Motors, IOC, Adani Enterprise, Godrej Industries, Mahindra and Mahindra, IVRCL, Monsanto, Pidilite Industries and Ucal Fuel are expected to announce their quarterly numbers today.
US indices registered steady gains on Tuesday with Dow Jones gaining 69 points to close at 12548 and the Nasdaq rising 37 points at 2481.
Indian floats largely had a mixed outing on the US bourses. Satyam Computer and Wipro were the major gainers and rose above 3% each followed by VSNL, which soared 2.95%. Infosys, Dr Reddy's and Patni Computer ended with steady gains. Among the laggards, Rediff and ICICI Bank slumped over 4% each while MTNL, Tata Motors and HDFC Bank were down over 1% each.
Crude oil prices in the US market slipped on Tuesday, with the Nymex light crude oil for July delivery falling by $3.34 to close at $128.85 a barrel. In the commodity space, the Comex gold for June series lost $19.20 to settle at $906.60 a troy ounce.
Among the major corporates, Tata Motors, IOC, Adani Enterprise, Godrej Industries, Mahindra and Mahindra, IVRCL, Monsanto, Pidilite Industries and Ucal Fuel are expected to announce their quarterly numbers today.
US indices registered steady gains on Tuesday with Dow Jones gaining 69 points to close at 12548 and the Nasdaq rising 37 points at 2481.
Indian floats largely had a mixed outing on the US bourses. Satyam Computer and Wipro were the major gainers and rose above 3% each followed by VSNL, which soared 2.95%. Infosys, Dr Reddy's and Patni Computer ended with steady gains. Among the laggards, Rediff and ICICI Bank slumped over 4% each while MTNL, Tata Motors and HDFC Bank were down over 1% each.
Crude oil prices in the US market slipped on Tuesday, with the Nymex light crude oil for July delivery falling by $3.34 to close at $128.85 a barrel. In the commodity space, the Comex gold for June series lost $19.20 to settle at $906.60 a troy ounce.
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